Under its new management team, architecture, design and engineering group Aukett returned to profits for the year to September, ahead of analysts' expectations. Pre-tax profits, stripping out exceptional write-offs, waded in at £308,000, a vast improvement on the £2.1m loss reported for 2002. The City was expecting profits of £200,000. Turnover edged up from £13.7m to £14m, with gearing pegged back from 217% to 128%. Aukett's turnaround was led by an improved domestic performance in a tough market, although Europe continued to disappoint. Indeed, Aukett has ditched two unprofitable joint ventures, disposing of its interest in a Spanish one and writing off its investment in France, having 'withdrawn from the management' in Paris. The remainder are profitable, generally speaking, and apparently trading at 'better than break-even'. Though they trade in fragile local markets, these outlets are an important way for the company to cater, under the Aukett brand name, to international clients. In terms of sectors, retail had an inconsistent year, the corporate office sector struggled, but planning for towns and cities - and for big greenfield sites - was buoyant. Looking long term, management sees technology, healthcare and education as the real growth sectors. Speculative Buy.

Aukett Fitzroy Robinson Group	AIM	£7.64m	5.25p	0.00p
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